Canada Pension Plan Investment Board Invests $51.92 Million in Qorvo, Inc. $QRVO

Canada Pension Plan Investment Board acquired a new position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 556,672 shares of the semiconductor company's stock, valued at approximately $51,921,000. Canada Pension Plan Investment Board owned 0.63% of Qorvo as of its most recent SEC filing.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Qorvo during the 2nd quarter worth about $942,610,000. State Street Corp raised its position in shares of Qorvo by 5.0% in the 2nd quarter. State Street Corp now owns 3,704,113 shares of the semiconductor company's stock valued at $314,516,000 after acquiring an additional 175,031 shares during the period. FIL Ltd boosted its stake in Qorvo by 13.2% during the 4th quarter. FIL Ltd now owns 3,610,045 shares of the semiconductor company's stock worth $305,085,000 after acquiring an additional 421,224 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Qorvo by 16.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,181,479 shares of the semiconductor company's stock worth $168,842,000 after acquiring an additional 311,645 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in Qorvo by 801.4% during the first quarter. Bank of America Corp DE now owns 1,767,373 shares of the semiconductor company's stock valued at $136,795,000 after purchasing an additional 1,571,303 shares during the period. Institutional investors own 88.57% of the company's stock.

Qorvo Stock Performance

Shares of QRVO opened at $96.18 on Friday. The firm has a market cap of $8.48 billion, a P/E ratio of 22.32, a PEG ratio of 1.38 and a beta of 1.44. Qorvo, Inc. has a twelve month low of $74.92 and a twelve month high of $109.49. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.68 and a current ratio of 3.54. The firm's 50 day moving average price is $92.00 and its two-hundred day moving average price is $88.90.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.53. The company had revenue of $784.79 million during the quarter, compared to the consensus estimate of $743.28 million. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The firm's revenue was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.92 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, analysts forecast that Qorvo, Inc. will post 6.3 EPS for the current fiscal year.

Insider Transactions at Qorvo

In other news, SVP Philip Chesley sold 5,487 shares of the business's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $97.50, for a total value of $534,982.50. Following the sale, the senior vice president directly owned 44,021 shares in the company, valued at $4,292,047.50. The trade was a 11.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Robert A. Bruggeworth sold 57,957 shares of the company's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $100.40, for a total value of $5,818,882.80. Following the transaction, the chief executive officer directly owned 319,880 shares of the company's stock, valued at $32,115,952. This represents a 15.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,968,623 shares of company stock worth $199,138,818 in the last 90 days. Company insiders own 0.49% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on QRVO. UBS Group upped their target price on shares of Qorvo from $91.00 to $96.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Craig Hallum reissued a "buy" rating and set a $120.00 price target on shares of Qorvo in a research report on Wednesday, May 6th. TD Cowen reissued a "hold" rating on shares of Qorvo in a report on Wednesday, July 29th. Weiss Ratings restated a "hold (c)" rating on shares of Qorvo in a research report on Friday, July 24th. Finally, Citigroup dropped their price objective on Qorvo from $100.00 to $95.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 29th. Three equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $94.00.

Qorvo Company Profile

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo's product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source